Chamber and OCEDA consider merger - History & FAQ's
History of the Process/Discussions
For more than eight months, a committee of Oldham County Chamber and business leaders have been meeting to discuss the possibility of merging resources, mission and strategies with the Oldham County Economic Development Authority (OCEDA). The “EdVenture Committee” was formed to host in-depth discussions, research possible business models, and determine if a merger is the best solution to serving business. The following outlines the timeline and steps that lead to a recommendation.
Venture Committee Is Formed
In August, 2008, the boards of the Chamber and OCEDA entered into a Memorandum of Agreement for the purpose of discussing the formation of a new economic development agency.
The “EdVenture Committee” was specifically made up of three members of the Chamber’s board, two members of OCEDA’s board, three business leaders-at-large, and a representative from
Discussion Focus
The focus of the discussions was to determine if
Brainstorming and Research
The group brainstormed the most effective ways to serve businesses for the purpose of professional development, business attraction and expansion. Each agency agreed that the top priorities were to serve member businesses in the Chamber, and to create a unified vision streamlining economic development initiatives and supporting business - in the end, creating new opportunities to increase the tax base in
As members of the committee researched this idea, it was realized that communities across the country are combining Chamber services with economic development initiatives. The business model being proposed is common and allows for more synergies and focus for business development. In the greater
An Organization is Determined
After much discussion, the EdVenture Committee reviewed versions of an organizational chart and finally agreed upon the draft included in this packet. It was important that for a transitional period, both boards were to be included in a new board as well as elected leaders and agency directors. Both agencies also agreed that a new organization would require its current level of financial commitment, staff, and office space.
A name has not been determined, but a new business development agency would have one executive director working with the board to oversee operations and business attraction/expansion. Chamber membership services would have a director overseeing programs, networking and events. The new agency would also include current staff of a business outreach manager and office manager. No additional staff would be required at this time. Currently the Chamber and OCEDA share office space, personnel, and operation expenses.
What’s Next
The boards of the Chamber and OCEDA will be considering the final structure in their June board meetings. If both boards agree to the structure, it is expected that a 90-day transition plan will go into affect on July 1. A transition plan will manage issues like incorporating the new entity, transitioning the boards and their respective missions, managing the finances, creating a communication plan and other business issues.
Most Frequently Asked Questions
What is the
The Oldham County Chamber of Commerce is a membership organization focused on supporting the expansion, professional development and growth opportunities of existing businesses. Its funding comes from membership dues, top investors, fundraising and some government support.
What is the
OCEDA is the economic development agency focused on business attraction for
What is the
OLDA is the funding arm for the business park in LaGrange known as the Oldham Reserve. It’s responsible for managing the financials and development of the business park.
How am I, as a member, going to be better served by the new business organization?
The Oldham County Chamber of Commerce works to provide businesses a chance to network, and expand their base for business opportunities. One organization focused on economic development broadens the Chamber’s capabilities of serving business. It facilitates a vision for business creation; develops a brand for the community at large; expands the potential of resources and how they serve business; and unifies the community’s approach to serving business overall.
Aren’t these agencies in the same building already? Why don’t they just communicate better?
The Chamber and OCEDA do share office space at the Train Depot in LaGrange. Though the directors work well together, each agency is managed by separate boards of directors focused on different aspects of serving businesses. One agency would open the lines of communication and integrate the approach to growing businesses in
Will I still pay membership dues?
Yes. Dues will still be required to be a member and receive member benefits. The functions of the Chamber will not go away. Programs, events, education and networking will still be an important factor and a service offered by the Chamber.
Does this mean that the government is taking over the business of economic development in
No. The proposed new agency would be lead by business leaders working to grow business in
Who will be on the board and how are they selected?
The board will be comprised of business leaders elected in the same or similar process the Chamber board is selected today. Through the transition, members from both OCEDA and the Chamber will roll into the new board making it fairly large for the first two/three years (approx 23 – 25 members). After this initial time and through attrition, the board is expected to shrink to a more workable number (approx 12 – 14). Government leaders will be invited to participate on the board for the purpose of partnering efforts related to infrastructure, road improvements and other community resources.
Will the Chamber and OCEDA go away as business agencies?
No. Under the proposed structure, the Chamber functions remain under membership services. Business attraction/expansion will operate under the economic development functions. More integration will take place.
Will it cost more to operate the Chamber and OCEDA as one organization?
No additional funds are being requested. It is anticipated that by sharing resources and staff power, both agencies will be more effective under this new model.
How is OLDA affected by this new organization?
OLDA will remain as it is. Its primary focus is to manage the Oldham Reserve and its infrastructure and legislative needs. It would report up to and through the new organization.
See attachment for draft Organizational Chart.
posted by: tori
